Q-Line Biotech NSE SME IPO review

The company is engaged in the business of developing, manufacturing and marketing of diverse range of reagents and consumables.
It posted growth in its top lines for the reported periods, but suffered a setback for FY25 in bottom line following accounting adjustments.
As the company has no listed peers, it is trying to extract fancy price for its IPO.
Based on its overall financial data, the issue appears fully priced.
Well-informed investors may park moderate funds for long term.

About Company

Q-Line Biotech Ltd. (QBL) is engaged in the business of developing, manufacturing and marketing of diverse range of reagents (including kits and POC devices) & consumables and manufacturing, importing, distribution/supply of diagnostic equipment for different diagnostic healthcare needs. The company supplies diagnostic equipment and IVD products for different diagnostic healthcare needs since 2013 directly or through its distributor/s majorly to diagnostic service providers, hospitals and medical colleges.

The company has established its brands over a period of 12 years through its experience, R & D, manufacturing capabilities and quality assurance. The core segments of operations of the Company in IVD Industry include Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics and Others (POC Devices & Rapids).

QBL’s key manufacturing segments include indigenous manufacturing of reagents including Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics and Others (POC Devices & Rapids) and supplying/ manufacturing of in-vitro diagnostics (IVD), Pathology equipment’s & devices. Further during the Covid-19 pandemic, the company diversified its focus and with the technical collaboration of third-party institutes and through its own R&D team developed a range of Covid testing kits viz. RT-PCR Kits, RNA Extraction Kits, VTM Kits etc.

It is research driven company engaged in developing and manufacturing a wide range of reagents formulations used across various IVD and diagnostic needs. The company leverages its R&D capabilities to develop and manufacture a portfolio of differentiated reagent formulations /products. Further, for its certain Class of Reagent & equipment’s and devices manufacturing business, the company has entered into technical collaboration with certain international companies. Under the agreement terms, it undertakes the manufacturing of these Reagent and equipment’s and devices as per the technical collaboration and specifications provided by the partners or companies.

With the help of these collaborations the equipment and devices adhere to strict quality control, international standards and certifications. As of March 31, 2026, the company employed 19 personnel at R&D laboratories, which constituted 5.25% of its total permanent employee strength. As of March 31, 2026, it had 362 employees on its payroll and additional 223 contract employees in various departments.

Issue Details / Capital History

The company is coming out with its maiden book building route IPO of 6253200 equity shares of Rs. 10 each to mobilize Rs. 214.48 cr. at the upper cap. The company has announced a price band of Rs. 326 - Rs. 343 per share. The minimum application to be made is for 800 shares and in multiples of 400 shares thereon, thereafter. The IPO opens for subscription on May 21, 2026, and will close on May 25, 2026. The IPO constitute 26.81% of the post-IPO paid-up capital of the company. The shares will be listed on NSE SME Emerge. From the net proceeds of the IPO, it will utilize Rs. 93.50 cr. for working capital, Rs. 90.00 cr. for repayment/prepayment of certain borrowings, and the rest for general corporate purposes.

The company raised Rs. 27.44 cr. in a pre-IPO placement of 800000 shares in May 2026, at Rs. 343 per share.

The IPO is jointly lead managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd., Purva Sharegistry (India) Pvt. Ltd., is the registrar to the issue. HEM group’s Hem Finlease Pvt. Ltd., is the market maker as well as a syndicate member.

The company has issued initial equity capital at par value. It raised further equity shares in the price range of Rs. 125 – Rs. 417 between March 2019 and May 2026. It has also issued bonus shares in the ratio of 2 for 1 in March 2016, and 9 for 1 in August 2025. The average cost of acquisition of shares by the promoters is Rs. 0.00, Rs. 0.04, and Rs. 18.34 per share.

Post-IPO, company’s current paid-up equity capital of Rs. 17.07 cr. will stand enhanced to Rs. 23.33 cr. Based on the upper band of the IPO pricing, the company is looking for a market cap of Rs. 800.16 cr.

IPO Lead Managers & Registrar

Financial Performance

On the financial performance front, for the last three fiscals, the company has (on a consolidated basis) posted total income/ net profit, of Rs. 184.81 cr. / Rs. 32.10 cr. (FY23), Rs. 206.45 cr. / Rs. 34.44 cr. (FY24), Rs. 322.58 cr. / Rs. 28.13 cr. (FY25). For 9M of FY26 ended on December 31, 2025, it earned a net profit of Rs. 38.69 cr. on a total income of Rs. 236.50 cr. Though it posted growth in its top lines for the reported periods, its bottom line posted inconsistency. For FY25, it posted lower net profit of Rs. 28.13 cr., and for 9M-FY26, though the top line is Rs, 236.50 cr. it posted bumper profit of Rs. 38.69 cr. in a pre-IPO period, that not only raise eyebrows, but also concern over its sustainability going forward. Despite higher other income for FY25, it marked lower net following extra-ordinary item of Rs. 16.97 cr. Its contingent liability stood at Rs. 61.64 cr. as of December 31, 2025, that raises alarm. Its overall borrowings of Rs. 242.57 cr. as of December 31, 2025, raise concern.

For the last two fiscals, the company has reported an average EPS of Rs. 25.00, and an average RoNW of 23.17%. The issue is priced at a P/BV of 2.44 based on its NAV of Rs. 140.81 per share as of December 31, 2025, but its post-IPO NAV data is missing from the offer documents.

If we attribute FY26 super earnings to its post-IPO fully diluted paid-up equity capital, then the asking price is at a P/E of 15.51, and based on FY25 earnings, the P/E stands at 28.44. The issue appears fully priced, based on its bumper earnings for 9M-FY26, which may not be sustained.

For the reported periods, the company has posted PAT margins of 17.56% (FY23), 16.92% (FY24), 8.97% (FY25), 16.65% (9M-FY26), and RoCE margins of 22.14%, 19.25%, 17.66%, 13.32%, respectively, for referred periods.

All amounts in Indian Rupees crores

Period Ended	Revenue	Expense	PAT	Assets
2023	₹184.81	₹154.97	₹32.10	₹251.58
2024	₹206.45	₹175.85	₹34.44	₹339.25
2025	₹322.58	₹261.43	₹28.13	₹455.49
Dec 2025	₹236.50	₹186.96	₹38.69	₹561.34

Dividend Policy

The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects.

Comparison with Listed Peers - for Fiscal 2025

As per the offer document, the company has no listed peers to compare with.

Name of the Company	Face Value (₹)	EPS basic (₹)	EPS Diluted (₹)	RONW (%)	P/E Ratio	NAV (₹)
Powerica Limited	5	15.26	15.26	15.37 %	24.45	99.76
Listed Peers
Cummins India Limited	2	72.15	72.15	26.45%	64.13	272.78
Kirloskar Oil Engines Limited	2	33.71	33.60	15.85%	43.24	212.60
NTPC Green Energy Limited	10	0.67	0.67	2.58%	129.40	21.88
Acme Solar Holdings Limited	2	4.55	4.53	5.59%	50.74	74.54
Adani Green Energy Limited	10	8.37	8.37	11.90%	101.53	76.62

Disclaimer: Above table shows earnings and P/E ratio as of 2025-26

Merchant Banker's Track Record

The two merchant bankers associated with this issue have handled 79 issues in the past three years, out of which 8 issues closed below the issue price on listing date.

Conclusion - Apply for medium to long term

QBL is engaged in the business of developing, manufacturing and marketing of diverse range of reagents and consumables. It posted growth in its top lines for the reported periods, but suffered a setback for FY25 in bottom line following accounting adjustments. As the company has no listed peers, it is trying to extract fancy price for its IPO. Based on its overall financial data, the issue appears fully priced. Well-informed investors may park moderate funds for long term.

Dilip Davda is a veteran financial journalist associated with the Indian stock market since 1978. He has been contributing to print and electronic media on capital markets, insurance, and finance since 1985.

He is widely recognized for reviewing public issues and non-convertible debentures (NCDs) in the primary market. Drawing on over three decades of market experience and close interaction with merchant bankers, his reviews focus on detailed fundamental and financial analysis of companies, with a special emphasis on SME public issues.

Disclaimer: The information provided herein is solely for educational and informational purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. Readers are advised to consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. The author does not intend to invest in the securities discussed.

FAQ Accordion

Q-Line Biotech IPO FAQs

1. What is Q-Line Biotech IPO? ⌄

Q-Line Biotech IPO is SME IPO. The company is going to raise ₹214 Crores via IPO. The issue is priced at ₹326 to ₹343 per equity share. The IPO is to be listed on NSE SME.

2. When Q-Line Biotech IPO will open for subscription? ⌄

The IPO is to open on May 21, 2026 for QIB, NII, and Retail Investors. The IPO will close on May 25,2026.

3. What is Q-Line Biotech IPO Investors Portion? ⌄

The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.

4. How to Apply the Q-Line Biotech IPO? ⌄

You can apply for Q-Line Biotech IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.

5. What is Q-Line Biotech IPO Issue Size? ⌄

Q-Line Biotech IPO issue size is ₹214 crores.

6. What is Q-Line Biotech IPO Price Band? ⌄

Q-Line Biotech IPO Price Band is ₹326 to ₹343.

7. What is Q-Line Biotech IPO Lot Size? ⌄

The minimum bid is 800 Shares with ₹2,74,400 amount.

8. What is the Q-Line Biotech IPO Allotment Date? ⌄

Q-Line Biotech IPO allotment date is May 26,2026.

9. What is the Q-Line Biotech IPO Listing Date? ⌄

Q-Line Biotech IPO listing date is May 29, 2026. The IPO is to list on NSE SME.

Kaushalya Logistics IPO Date, Review, Price, Allotment Details

By Jagat Joshi
January 8, 2024

Kaushalya Logistics IPO Details: Kaushalya Logistics IPO date is fixed, The IPO will open on December 29 and will close on January 3. Kaushalya Logistics is an NSE SME IPO to raise ₹36.60 crores via IPO. The Kaushalya Logistics IPO price band is fixed at ₹71 to ₹75 with a market lot of 1600 shares.

Kaushalya Logistics is a part of the Poddar Group, which is an established Group grown into a diversified business conglomerate spanning industries like construction, warehousing, logistics, development of commercial space, and e-commerce business.

Kaushalya Logistics Limited is developed as an integrated Logistics and Clearing and Forwarding (C&F) services provider. The Company operates in two major verticals, one of which vertical is providing logistic support for handling and dealing in cement for dealers and customers of Dalmia Cement Bharat Limited. The other vertical is for retail businesses as preferred partners of a major online e-commerce platform for selling Electronics and White Goods items such as Televisions, Refrigerator, Washing Machines, etc covering locations all across India with registration under Goods and Services Tax (GST) in 17 Locations. They have also ventured out into the commercial real estate sector by owning and renting out commercial shops in Udaipur.

The Company is operating as a Clearing and Forwarding agent for major cement Companies like Dalmia Cement Bharat Limited. The business model includes end-to-end support including clearing rail racks from railways, getting material transported to the warehouse, loading/unloading, dispatches to distributors, invoicing, warehouse management including upkeep of stock, handling insurance matters, and depot audit, related statutory compliances, etc. Practically all operations on behalf of their customers after dispatch from the production facility are handled by us. This comes with a huge saving of manpower resources, saving on material wastage, and another operational cost to customers through their efficient working which is based on vast rich experience in the logistics and warehousing field. This helps customers in having better reach over their customers in a more transparent way, gaining more market share and customer confidence. The company works on an asset-light model, wherein the company uses warehouses owned/rented by customers only. All transport fleet is hired based on broad parameters fixed by the customer.

Objects of the Issue:

Repayment of Unsecured Loan.
Funding of working capital requirements of the company.
General Corporate Purposes.

Kaushalya Logistics IPO Review

To be updated soon

Kaushalya Logistics IPO Date & Price Band Details

IPO Open:	December 29, 2023
IPO Close:	January 3, 2024
IPO Size:	Approx ₹36.60 Crores, 1,500,000 Equity Shares
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹71 to ₹75 Per Equity Share
IPO Listing on:	NSE SME
Retail Quota:	35% of the net offer
QIB Quota:	50% of the net offer
NII Quota:	15% of the net offer
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors in IPO:	Click Here

Kaushalya Logistics IPO Market Lot

The Kaushalya Logistics IPO minimum market lot is 1600 shares with a ₹120,000 application amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	1600	₹120,000
Retail Maximum	1	1600	₹120,000
S-HNI Minimum	2	3200	₹240,000

Kaushalya Logistics IPO Dates

The Kaushalya Logistics IPO date is December 29 and the IPO close date is January 3. The IPO allotment date is January 4 and the IPO might list on January 8.

IPO Open Date:	December 29, 2023
IPO Close Date:	January 3, 2024
Basis of Allotment:	January 4, 2024
Refunds:	January 5, 2024
Credit to Demat Account:	January 5, 2024
IPO Listing Date:	January 8, 2024

You can check IPO subscription status and IPO allotment status on their respective pages.

Kaushalya Logistics IPO Form

How to apply Kaushalya Logistics IPO? You can apply Kaushalya Logistics IPO via ASBA available in your bank account. Just go to the online bank login and apply via your bank account by selecting the Kaushalya Logistics IPO in the Invest section. The other option you can apply Kaushalya Logistics IPO via IPO forms download via the NSE website. Check out the Kaushalya Logistics forms – click NSE IPO Forms download, fill and submit in your bank or with your broker.

Kaushalya Logistics Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹33.28	₹27.86	₹3.01
2022	₹63.59	₹55.26	₹3.77
2023	₹632.16	₹618.29	₹7.07
2024 3M	₹570.53	₹567.67	₹2.14

Kaushalya Logistics IPO Valuation – FY2023

Check Kaushalya Logistics IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

Earning Per Share (EPS):	₹470.58 per Equity Share
Price/Earning P/E Ratio:	NA
Return on Net Worth (RoNW):	36.50%
Net Asset Value (NAV):	₹1289.09 per Equity Share

Peer Group

Company Promoters

Uddhav Poddar

Kaushalya Logistics IPO Registrar

Skyline Financial Services Private Ltd
Phone: 02228511022
Email: compliances@skylinerta.com
Website: https://www.skylinerta.com/ipo.php

Kaushalya Logistics IPO Allotment Status

Check Kaushalya Logistics IPO allotment status on Skyline Financial website URL. C lick Here

Kaushalya Logistics IPO Lead Managers aka Merchant Bankers

Khandwala Securities Limited

Company Address

Kaushalya Logistics Limited
19, Community Centre
First and Second Floor,
East of Kailash, New Delhi-110065
Phone: +91-011-4132-6013
Email: info@kaushalya.co.in
Website: https://www.kaushalya.co.in/

Kaushalya Logistics IPO FAQs

What is Kaushalya Logistics IPO?

Kaushalya Logistics IPO is an NSE SME IPO. They are going to raise ₹36.60 Crores via IPO. The issue is priced at ₹71 to ₹75 per equity share. The IPO is to be listed on NSE.

When Kaushalya Logistics IPO will open?

The IPO is to open on December 29, 2023 for QIB, NII, and Retail Investors.

What is Kaushalya Logistics IPO Investors Portion?

The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.

How to Apply the Kaushalya Logistics IPO?

You can apply Kaushalya Logistics IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.

How to Apply the Kaushalya Logistics IPO through Zerodha?

Log in to Console in Zerodha Website or in Application. Go to Portfolio and Click on IPO. You will see the IPO Name “Kaushalya Logistics”. Click on Bid Button. Enter your UPI ID, Quantity, and Price. Submit IPO Application Form. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Zerodha.

How to Apply the Kaushalya Logistics IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Kaushalya Logistics”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox.

How to Apply the Kaushalya Logistics IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Kaushalya Logistics”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Paytm Money.

What is Kaushalya Logistics IPO Size?

Kaushalya Logistics IPO size is ₹36.60 crores.

What is Kaushalya Logistics IPO Price Band?

Kaushalya Logistics IPO Price Band is ₹71 to ₹75 per equity share.

What is Kaushalya Logistics IPO Minimum and Maximum Lot Size?

The IPO bid is 1600 shares with ₹120,000.

What is Kaushalya Logistics IPO Allotment Date?

Kaushalya Logistics IPO allotment date is January 4, 2024.

What is Kaushalya Logistics IPO Listing Date?

Kaushalya Logistics IPO listing date is January 8, 2024. The IPO to list on NSE SME.

Note: The Kaushalya Logistics IPO details are announced officially. The IPO grey market premium (Kaushalya Logistics IPO Premium) is updated on the respective page. You can check our IPO grey market page for daily updates.)

Jagat Joshi

Founder of IPOWatch, brings nearly 15 years of experience in IPO analysis and market research. He provides complete coverage of upcoming IPOs, subscription trends, grey market premiums (GMP), and post-listing performance, along with easy-to-understand reviews, insights, and analysis. In his working journey, he has worked with various platforms and received expertise in stock market analysis and primary markets.